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Trading Made Simple

  • #13,081
  • Oct 30, 2011 5:35pm Oct 30, 2011 5:35pm
Just as a pont of reference, most of the senior members of the thread do not trade the Sunday market. I have seen some references on trading the gap - but that is covered on other forums.

Volumes are usually comparitively low on Sundays, little to no news, so nothing to really change any momentum that is currently in play.

As we are in a consilidating market (100 pips max on the H1) on the 3 amigos, check the ranges and watch for breakouts if you have an urge for Sunday trading on the lower timeframes.

I am out until the Monday move occurs and the range gets broken.

Happy pip hunting
"To live with Passion, it takes Courage and Grace to survive"
  • #13,082
  • Oct 30, 2011 6:14pm Oct 30, 2011 6:14pm
I am looking at EUR-USD too, but to me it doesn't look like a good set up yet since on the 1H chart you can see how the pair is trading sideways.

However, AUD-USD looks like a valid set up on the H1 chart. I know it's the Asian session, but AUD might be more active during that session than EUR or Pound.

In addition, 1.075 is a strong resistance. Let's see if it is reversing after that steep uptrend
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  • #13,083
  • Oct 30, 2011 6:53pm Oct 30, 2011 6:53pm
Watch out for the Fractals - currently acting as support
Attached Image (click to enlarge)
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"To live with Passion, it takes Courage and Grace to survive"
  • #13,084
  • Oct 30, 2011 7:56pm Oct 30, 2011 7:56pm
Quoting Britpip7
Watch out for the Fractals - currently acting as support
Yes, I wouldn't go short above 1.0650
  • #13,085
  • Oct 30, 2011 8:45pm Oct 30, 2011 8:45pm
Are you confused about what the Euro bailout actually is?
Let me paint you a picture...

http://www.guardian.co.uk/business/b...ed-explanation

Scary stuff.
  • #13,086
  • Oct 30, 2011 8:50pm Oct 30, 2011 8:50pm
Quoting MikeNYC
Yes, I wouldn't go short above 1.0650
Agreed Mike, but broke that down and I don't expect it will see 1.07 again this week, went short even though I am away from my TMS template, will swing into Wed.- Thu.
  • #13,087
  • Oct 30, 2011 10:02pm Oct 30, 2011 10:02pm
Quoting geosanuy
Agreed Mike, but broke that down and I don't expect it will see 1.07 again this week, went short even though I am away from my TMS template, will swing into Wed.- Thu.
I already closed the position, too early probably at 1.0550. Let's see , maybe there is a possibility to re-enter
  • #13,088
  • Oct 30, 2011 10:22pm Oct 30, 2011 10:22pm
Quoting MikeNYC
I already closed the position, too early probably at 1.0550. Let's see , maybe there is a possibility to re-enter
I'm in at 1.0636, think I got a good ceiling, expected retracement after the awesome run-up last month, also taking into consideration the Quantas debacle, in all expect to see 1.0480 or so.
  • #13,089
  • Edited Oct 31, 2011 7:38am Oct 30, 2011 10:29pm | Edited Oct 31, 2011 7:38am
Quoting piprac
I shorted the E/$ on the 4H at 08:00 cdt with the intention of letting it run over the weekend as a test really. I don't normally do this and in fact I usually close up shop around Thu. noon at the latest but the slope was good when i entered but has weaken since. Should be interesting.

I am writing a plan over the weekend for trading the weekly starting Sun. aft. or Mon. at the latest, I spend too much time in my little den and not enough time in the real community - I think it is called balance. Any comments from the long range (not the Lone...
Sunday,22:23 cdt - Still in this trade and I am +110 pips at the moment. Moved the SL to BE+50 and letting it continue down (hopefully) overnight. The E/$ 4H is treating me nicely so far.
I thought about taking half off but just decided to monitor by manually moving the SL. I hope you all do well this coming week, p.
edit: just moved my SL again, I have 104 pips locked. Gotta love the longer TFs.
  • #13,090
  • Oct 30, 2011 11:51pm Oct 30, 2011 11:51pm
Quoting geosanuy
Are you confused about what the Euro bailout actually is?
Let me paint you a picture...

http://www.guardian.co.uk/business/b...ed-explanation

Scary stuff.
Sorry, unless PA supports the talking heads ........
"To live with Passion, it takes Courage and Grace to survive"
  • #13,091
  • Oct 31, 2011 12:27am Oct 31, 2011 12:27am
Quoting MichaelSimon
Took a 28 pip hit for my bad decision. I guess the bright side is that it's a cheap, yet valuable lesson.
Would have let it ride with sl at last swing but the signs are all against me, confirmed by h1 and I dont want to risk another 85 pips. I can always get back in if there is a new setup.
round 1 - inner demon

I'll do better in round 2
Attachment
Hi MS

What made you exit this trade? Was it part of your exit rules? I ask because you'd be up over 100 pips right now if you had not. I have a habit of setting stop losses then getting worried watching PA and jumping out before the SL only to see PA reverse, run in my direction and hit my original TP. I think this poor trade management is my biggest problem presently. Looking at how you exited that trade I'm wondering if we have that in common.
Everyone's got a plan until they get punched in the face
  • #13,092
  • Oct 31, 2011 2:14am Oct 31, 2011 2:14am
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 33 KB


long e/u on H1 (demo). SL a few pips under swing high and 61.8 fib. I'm a newb, so comments are definitely welcome.
  • #13,093
  • Oct 31, 2011 2:39am Oct 31, 2011 2:39am
Quoting Britpip7
Hi Lobster,

With regards to Stochastics, I have been using one of the divergence indicators for the lower timeframes - H1 and below. So far I have yet to have a TDI Cross contradicted by the Stoch, but then I am trading on the H4 and Day charts, so probably less false signals.

The TDI does seem to contain the elements needed along with the candles, I a like to follow the RSI and do run with RSI set to 10 in the background.

For the higher timeframes I am still hovering between APB and traditional candles - I am always looking to have PA to...

BritPip:
Thanks for your reply - I am staying on the higher time frames as well. 4hr normally, but am playing with 1hr charts and getting ready to dive in perhaps later this week.

Am noticing a big movement right now, but can't take advantage of it. "Too far too quick" as the saying goes. Bound to retrace. Looks like a possible world event. This is guessing, but it looks centered in the japanese markets to me. Perhaps another earth quake in japan? I hope not, but these movements are anything but normal. Any thoughts on tonights movements people? Nothing on the news yet...
"IN CASH WE TRUST"
  • #13,094
  • Oct 31, 2011 3:46am Oct 31, 2011 3:46am
The news on my platform says "Yen falls amid speculation Japan intervened in currency market." I should go back to bed.
My favorite crochet hook is size J. It's a J-Hook!
  • #13,095
  • Oct 31, 2011 5:00am Oct 31, 2011 5:00am
My short eur/usd carried over from Friday hit TP during the night, i lucked off on that one.
  • #13,096
  • Oct 31, 2011 5:08am Oct 31, 2011 5:08am
Littlebunny:
I would agree. Good time to stay out of the markets. Everytime I had ever played in these kind of games I got slaughtered and now I wear the battle wounds as proud reminders not to be 'fashionably late to the party'...Nor to be the first one to fall asleep at the party for that matter. You get a shaved head that a way.http://www.forexfactory.com/images/icons/icon7.gif Thanks for helping me confirm my idea on the japanese market.
"IN CASH WE TRUST"
  • #13,097
  • Oct 31, 2011 5:11am Oct 31, 2011 5:11am
Hi Phx62

Id be interested to know how you dealt with/dealing with the signal this morning.

I xited -30

miki
  • #13,098
  • Oct 31, 2011 5:37am Oct 31, 2011 5:37am
Quoting Dud45
Hi MS

What made you exit this trade? Was it part of your exit rules? I ask because you'd be up over 100 pips right now if you had not. I have a habit of setting stop losses then getting worried watching PA and jumping out before the SL only to see PA reverse, run in my direction and hit my original TP. I think this poor trade management is my biggest problem presently. Looking at how you exited that trade I'm wondering if we have that in common.
Hey,
Short answer: Fear, stupidity, lack of confidence and a general lack of experience I guess...

The longer answer:
The fact that I felt like I made a bad decision on the entry played a part in this.
My SL should have been placed at the last high, which was about 120 pips away. That seemed too much of a risk for me, and I kept watching the trade.
The TDI had tweaked north on the H4 (the tf I entered by) and the H1 looked even worse - totally flat. This - along with price moving against me, and the general lack of confidence that I had in my position - made me close it out thinking; "better cut my losses. I can always jump back in if I'm wrong."
Of course when I got up at 2:55am and watched the next candle form, it didn't seem like we had much movement and I didn't want to enter anything without clear signals, especially after my bad entry earlier.
Next thing, I woke up at 7am to see the nice drop and what would have been a 140 pip profit had I just let it ride.

No doubt one of my problems is poor trade management, but Im very inexperienced and long for the day when I feel that it's my only major problem..
Im learning...

Of course - from a purely mechanical standpoint - Price moved against me, tdi had flattened. The way I see it, its time to cut loses and as said: can always get in on the next setup.
  • #13,099
  • Oct 31, 2011 5:44am Oct 31, 2011 5:44am
since when did the london market become so crap to trade in and asia become the place to be
  • #13,100
  • Oct 31, 2011 5:53am Oct 31, 2011 5:53am
I took that trade too jwscott, and still looking for reason why i wouldn't take that trade, fibo level, support 1.40, trend line, tdi cross (not the right angel but still), tdi on 32, stoch is going up from overbought. And after all bad news came out. But set up on E/J worked out well.

Is any body can tell me how is it works, E/U set up to buy, at the same time E/J set up to sell ?
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